Rose Petroleum hopes to start drilling at Gunnison well in Q1

6 December 2018 | 09:50am

StockMarketWire.com - Rose Petroleum said on Thursday it plans to start drilling at GVU 22-1 in the first quarter of 2019 after it agreed an updated operational plan with the Utah Bureau of Land Management (BLM).

The new plan would extend the current Gunnison Valley Unit boundary to include the acreage the company acquired in April 2018, in which the GVU 22-1 well is located.

Rose said it has been in discussions with drilling companies to secure an appropriate rig so that the well can be spudded "at the earliest opportunity" and that it is currently targeting the securing of the necessary drill programme funding ahead of the first quarter. "We appreciate the pragmatic approach taken by the BLM and are pleased that we have been able to jointly agree a revised operations plan that is for the overall benefit of all parties," said CEO Matthew Idiens, CEO.

"I am pleased that we now have a formal plan that allows us to drill our highest-ranked target first, which is key to the development of the project. Having clarity over operations and the BLM approval enables us to refocus on the well financing and farm-in process," he added.

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